Well, that was quick:
The Securities and Exchange Commission announced today that Elon Musk, CEO and Chairman of Silicon Valley-based Tesla, Inc., has agreed to settle the securities fraud charge brought by the SEC against him last week. The SEC also today charged Tesla with failing to have required disclosure controls and procedures relating to Musk’s tweets, a charge that Tesla has agreed to settle. The settlements, which are subject to court approval, will result in comprehensive corporate governance and other reforms at Tesla—including Musk’s removal as Chairman of the Tesla board—and the payment by Musk and Tesla of financial penalties.
…
Musk and Tesla have agreed to settle the charges against them without admitting or denying the SEC’s allegations. Among other relief, the settlements require that:
•Musk will step down as Tesla’s Chairman and be replaced by an independent Chairman. Musk will be ineligible to be re-elected Chairman for three years;
•Tesla will appoint a total of two new independent directors to its board;
•Tesla will establish a new committee of independent directors and put in place additional controls and procedures to oversee Musk’s communications;
•Musk and Tesla will each pay a separate $20 million penalty. The $40 million in penalties will be distributed to harmed investors under a court-approved process.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6030 % | 3,149.4 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6030 % | 5,778.9 |
| Floater | 3.45 % | 3.65 % | 33,620 | 18.21 | 4 | 0.6030 % | 3,330.4 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1347 % | 3,225.8 |
| SplitShare | 4.61 % | 4.69 % | 54,555 | 4.76 | 5 | -0.1347 % | 3,852.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1347 % | 3,005.7 |
| Perpetual-Premium | 5.55 % | -5.88 % | 49,823 | 0.09 | 12 | 0.1019 % | 2,928.3 |
| Perpetual-Discount | 5.43 % | 5.57 % | 61,970 | 14.50 | 21 | 0.0599 % | 3,004.7 |
| FixedReset Disc | 4.17 % | 5.01 % | 129,204 | 15.44 | 43 | 0.4004 % | 2,599.7 |
| Deemed-Retractible | 5.17 % | 5.99 % | 57,727 | 5.33 | 27 | -0.1410 % | 2,991.5 |
| FloatingReset | 3.46 % | 3.62 % | 37,463 | 5.63 | 4 | 0.0737 % | 2,857.8 |
| FixedReset Prem | 4.85 % | 4.04 % | 222,034 | 2.84 | 34 | -0.1314 % | 2,574.0 |
| FixedReset Bank Non | 3.20 % | 3.74 % | 67,530 | 0.39 | 9 | 0.1298 % | 2,576.6 |
| FixedReset Ins Non | 4.30 % | 5.08 % | 86,097 | 5.41 | 22 | 0.2978 % | 2,602.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TD.PF.J | FixedReset Prem | -9.02 % | A nonsensical quote from Nonsense Central, as this issue traded 1200 shares today, all at 25.54 before being quoted at 23.10-25.54 by the Exchange.
I have not checked whether this lamentable state of affairs is due to inadequate Toronto Stock Exchange reporting or inadequate Toronto Stock Exchange supervision of market-makers. YTW SCENARIO |
| CU.PR.I | FixedReset Prem | -1.33 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.95 Bid-YTW : 2.87 % |
| SLF.PR.A | Deemed-Retractible | -1.30 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.01 Bid-YTW : 7.18 % |
| MFC.PR.B | Deemed-Retractible | -1.05 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.70 Bid-YTW : 7.37 % |
| IFC.PR.A | FixedReset Ins Non | 1.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.33 Bid-YTW : 7.35 % |
| MFC.PR.F | FixedReset Ins Non | 1.08 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.80 Bid-YTW : 8.15 % |
| SLF.PR.G | FixedReset Ins Non | 1.22 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.94 Bid-YTW : 7.41 % |
| BAM.PR.C | Floater | 1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-01 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 3.66 % |
| BAM.PR.R | FixedReset Disc | 1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-01 Maturity Price : 21.18 Evaluated at bid price : 21.18 Bid-YTW : 5.21 % |
| TRP.PR.C | FixedReset Disc | 2.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-01 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 5.07 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TRP.PR.J | FixedReset Prem | 107,950 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 26.50 Bid-YTW : 3.33 % |
| BMO.PR.D | FixedReset Prem | 80,400 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 4.21 % |
| TRP.PR.A | FixedReset Disc | 77,090 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-01 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.09 % |
| BNS.PR.H | FixedReset Prem | 76,900 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 26.01 Bid-YTW : 3.46 % |
| BMO.PR.E | FixedReset Prem | 73,708 | YTW SCENARIO Maturity Type : Call Maturity Date : 2023-11-25 Maturity Price : 25.00 Evaluated at bid price : 25.18 Bid-YTW : 4.76 % |
| TRP.PR.E | FixedReset Disc | 52,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-01 Maturity Price : 22.07 Evaluated at bid price : 22.72 Bid-YTW : 5.09 % |
| There were 34 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| TD.PF.J | FixedReset Prem | Quote: 23.10 – 25.54 Spot Rate : 2.4400 Average : 1.3610 YTW SCENARIO |
| RY.PR.H | FixedReset Disc | Quote: 23.62 – 24.00 Spot Rate : 0.3800 Average : 0.2408 YTW SCENARIO |
| SLF.PR.E | Deemed-Retractible | Quote: 21.38 – 21.74 Spot Rate : 0.3600 Average : 0.2211 YTW SCENARIO |
| SLF.PR.A | Deemed-Retractible | Quote: 22.01 – 22.37 Spot Rate : 0.3600 Average : 0.2601 YTW SCENARIO |
| BAM.PR.M | Perpetual-Discount | Quote: 20.75 – 21.07 Spot Rate : 0.3200 Average : 0.2204 YTW SCENARIO |
| EIT.PR.A | SplitShare | Quote: 25.00 – 25.30 Spot Rate : 0.3000 Average : 0.2067 YTW SCENARIO |